Central Florida financial institutions are...

-- CHECKUP.

August 15, 1988|By Brad Kuhn of The Sentinel Staff

-- CHECKUP. Central Florida financial institutions are gearing up for a new federal law that sets stiff penalties for delaying payment on deposited checks more than one, three, or seven days, depending on the type of check.

Barnett Banks Inc., for instance, has had a task force working since January reprogramming computers and teaching tellers and customer-service personnel how to comply with the new law, which takes effect Sept. 1. Sun Bank N.A. has spent thousands of dollars on the process.

The new law requires that all local checks be available for withdrawal within three business days. Other checks must be cleared within seven days. Low-risk items, such as cash, wire transfers, U.S. Treasury checks, postal money orders, federal reserve and federal home loan bank checks, government checks, cashier's checks and checks drawn on and deposited at the same bank must be made available the following business day.